UnionPay International (UPI) has joined forces with Bank Simpanan Nasional (BSN) to introduce the UnionPay QR payment system in Malaysia in the first half of this year.
As part of this move, BSN will become a member of UnionPay, adding UnionPay to its portfolio of payment system operators alongside Visa, Mastercard, and MyDebit.
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BSN, which is said to be the “third-largest debit card issuer” in the country, has over six million debit cards under its management.
The alliance is said to be part of BSN’s strategy to address the growing consumer preference for e-wallets and contactless payments.
BSN CEO Encik Jay Khairil said: “This partnership with UPI marks a significant milestone in BSN’s digital transformation journey. The QR payment solution enables customers to transact effortlessly across UnionPay’s extensive network, including China and other participating countries.
“BSN’s facilitation of QR Pay acceptance amplifies our commitment to supporting micro-businesses and SMEs in adopting cashless payment solutions.”
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By GlobalDataBy incorporating QR payment into its services, BSN aims to provide a modern payment solution that caters to the needs of digitally savvy and travel-oriented young consumers.
The collaboration is expected to empower BSN customers to make seamless domestic and international payments.
UnionPay International (Southeast Asia) regional head Dr Jian Jiangtao said: “We are thrilled to embark on this strategic collaboration with BSN, a leading Development Financial Institution in Malaysia.
“This partnership allows us to expand our digital payment solutions while contributing to the growth of Malaysia’s digital payment ecosystem. With this virtual QR Pay solution, consumers will benefit from greater convenience, security, and control over their spending, enhancing their financial experiences, especially during cross-border travel.”
Last month, UnionPay entered an alliance with Weixin Pay, helping users of international UnionPay-powered wallets scan Weixin Pay payment codes in China’s mainland.
